What is My Money Mindset?
This post contains affiliate links. See Disclosures for details.
Money is just a tool. It is neither good or bad. It's value comes from how it is used.
BUT...depending on how you grew up, you may not think of money that way. Money may be a source of fear. Money may be a source of strength. Money may conjure up good or bad memories. Our ideas about money are formulated at points in our lives when we may be too young to even comprehend it. This is called internal conditioning. As children, we are highly influenced by the things around us and without truly realizing it, we've been conditioned to see money in a certain way. This is our money mindset.
Let's take a step back. Think about something you wanted as a child and asking your parents for it. What happened? What kind of words were used? Did you get what you wanted? Why not? Do you find yourself using similar keywords today?
Here are some common money mindsets that we need to move away from:
I'm just not good with numbers.
I don't make enough to care about wealth.
If I work hard and keep my head down, I'll get recognized.
I don't want to be a spoiled, rich person.
I'm never going to afford that so why even bother.
I will never make as much money as her.
As with everything else, breaking out of old money mindsets is the key to growth. Recognize what needs to change. Financial Independence requires that we put on a mindset that is different from the norm.
To further your money mindset reading, check out these 2 books:
My other recommendation is this video of Ramit Sethi talking about the psychology of money. It's a 50 minutes with a lot of insight into the cultural, societal and personal mindset of money. Put it into 1.25x speed if you only have 30 minutes to watch and listen.